A real estate investor named Nick Millican has been trying to begin the construction of homes on brownfield land in the UK. These plots within the housing market were formerly used for industrial purposes. The increased availability of housing could increase the availability of homes for new buyers. However, it’s unknown whether the new housing will be affordable.
Many Housing Complexes Offer Overpriced Apartments, Condos and Houses
In many cases, property developers who buy brownfield land build apartment and condominium complexes, which offer “luxury” housing at high prices. Buying these plots allows them to get past planning inspectors, Nick Millican informs. This makes it possible for them to build large apartment and/or condominium complexes quickly.
What Does This Mean for London Residents?
It remains to be seen what this means for residents of London and other major metropolitan areas in the UK, Nick Millican adds. There is a shortage of affordable housing in London, and new construction could help to alleviate the problem. However, if the new properties are not affordable, the situation could be worse rather than better.
Therefore, it’s important to ensure that objections to the construction of large developments of high-priced properties on brownfield land are heard. Nick Millican feels strongly that it’s important for the public to be involved.